TOKYO: Japanese rubber futures surged to a near 6-month high on Friday after Beijing issued further measures to revive a crisis-hit property market, improving demand outlook for top buyer China and driving a rally in Shanghai futures.
The Osaka Exchange (OSE) rubber contract for February delivery was up 6.7 yen, or 3,1%, at 220.9 yen ($1.5) per kg as of 0231 GMT. It hit its highest level since March 10 of 221.7 yen earlier in the session.
The rubber contract on the Shanghai futures exchange (SHFE) for January delivery was up 800 yuan, or 6%, at 14,160 yuan ($1,952) per metric ton, logging the highest since March 10, 2022.
China’s central bank and financial regulator on Thursday issued notices to ease some borrowing rules to aid home buyers, including lowering the existing mortgage rate for first-home buyers and the down payment ratio in some cities.
Japan’s benchmark Nikkei average was up 0.7%.
Singapore financial markets were closed on Friday for a national holiday. Trading will resume on Monday, Sept. 4.
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